FUNDS HELD IN CONNEcfioN WITH CHRIST CHURCH IN BATH Charity No. 1055275 Trustee5' Report and Unaudited Accounts 31 December 2023
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Contents Pages 2to8 Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities io Balance Sheet li Notes to the Accounts 12to19 Statement of Cash flows 20 Page I
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Trustees Annual Report The trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Charity No. 1055275 Principal Office Christ Church Julian Road Bath Somerset BAI 2RH Trustees The following trustees who served during the year and up to the date of this report were as follows: D. Bishop Z. Bushell (Treasurer) (Appointed 27 April 20231 T. Gleghorn lex officio, Rector of Walcotl J. Hesketh S. Sheppard S. Tatton-Brown ISecrÈtaryl O. Tegallv C. Tilling N. Wells (Chairl H. Wild (Resigned 7 March 2024) A. Youings (ex officio, Archdeacon of Bath) (Resigned 27 April 20231 Priest-in-charge Revd Lore Chumbley luntil 18.02.20241 Accountants The Waldron Partnership Ltd 30 Circus Mew5 Bath BAI 2PW OBJEcfivES AND AcfiviTIES Christ Church is an independent proprietary chapel. The church is administered by the charitable Trust, the objective of which is to provide a church or chapel in Bath to enable people to attend divine services in accordance with the rites of the Church of England. For 225 years the Trust has worked to meet this objective by employing its own clergy. ensuring that holy worship is conducted regularly, and maintaining the building in good order. Today Christ Church is a liberal and inclusive church, seeking God through beauty in our worship; honesty in our faith and doubt,. and service in our community. Page 2
FUNDS HELD IN CONNEcfioN WITH CHRIST CHURCH IN BATH Trustees Annval Report De5Plte our nominal independence, we are close to and very much part of the Diocese of Bath and Wells in the Church of England. To the congregation, Christ Church has the look and feel of any other Church of England church. Christ Church remains active in supportinE both our Deanery and Diocese and considers it important to do so. Behind the scenes the Trustees, following the aims of the 1801 Trust deed, take on some of the responsibilities more normally associaLed with the Diocese le.g. the Priest-in-charge is employed and paid by the Trust), and of the churchwardens le.g. ensuring the property is well-maintainedl. A regular cycle of public worship is maintained with the Eucharist celebrated on Thursdays and Sundays {and occasionally on other Feast or Saints, Days). There are Evensong services on the third Sundays and Contemplative lona services on the fourth Sundays of each month. We strive to be an inclusive and welcoming community in word and deed to all of God's people, irrespective of disability, age, Social status, ethnicity, denominational background, mental or physical health, gender, identity, or sexuality. We especially seek to affirm and celebrate the gifts of those who have been marginalised and wounded by the church. Public Benefit- The Trustees exercise their duties as the owners and custodians of the buildings forming part of the Christ Church Bath estate. The day-to-day responsibility for ordering the worship of Christ Church is exercised by the Priest-in-charge with the Church Council, a group established for this purpose. It is the view of the Trustees that the Charity complies with the guidance on public benefit as published by the Charity Commission, by provid ing buildings and open spaces for religiou5 activities, facilities and services for the general public/mankind, with a particular focus on the needs of our local community. ACHIEVEMENTS AND PERFORMANCE A full report of the activities in the last year is usually published each year iri readiness for the Annual Church Meeting, usually held in May. In addition, the www.chri5tchurchbath.org wèbsite provides further information, and services and other activities are promoted on our social media sites including Facebook and YouTube. 225th Anniversary During 2023 we celebrated the 225th anniversary of the consecration of Christ Church. We marked thi5 Wlth a Festal Eucharist on 5th November, being the Sunday falling nearest to the consecration date of 7th November. Bishop Ruth presided and preached at the service. with past clergy and congregation also attending to share in the celebration. Junior Church With an ever-changing cohort of children in church, we continue to do our best to support them and provide fun and inspiring learning opportunities about the Christian faith. We hope that we give them a chance to explore their own faith, and doubt, in a way that is meaningful to them. Highlights for us from this year have been our Nativity play, which wa5 well-received, a5 always; a wonderful Christmas service (with a real donkeyl I, which was very well-attended. attracting lots of extra visitors- and apple picking day {even in the rainll. Page 3
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Trustees Annual Report Music For first time since Covid the choir having had a full year of "normal" singing. The choir is in very good shape. with new members joining, including new junior choir members, and with a high standard of singing being mai ntained. There have been the usual highlights around Christmas and Easter, while another special occasion to mention was the 225th anniversary service. Inspired by the words of the Te Deum, which 3re written around the walls of Christ Church, the choir sang the "Collegium Regale" selling ol thal text by Herbert Howells. This is a hard piece of music and it came off brilliantly. Bell Ringing We rang for every Sunday morning Eucharist in 2023,. on other occasions as required; and, of course, there was the Coronation, with a record attendance that Saturday afternoon, including many new ringers in the "Ring For The King" campaign. We rang two quarter peals and there was an attempt for a full peal, to celebrate the 225th anniversary. On the actual day this was unsuccessful, to the regret of all, but the same band succeeded on a second try in January 2024. The teaching programme continues, with the simulator in constant use, especially for the "Open Se55ions" on Thursday evenings, for new ringers and improvers. Pilgrim Group The Pilgrim Group, now ten years old, continued to meet regularly in the Mews. Over the last year we have been working on deepening our theological knowledge and faith, and widening our thinking. Out of Pilgrim has emerged early morning Zoom devotions throughout Advent and Lent, and this year we had a Pilgrim Agape service. CedarTree Café We have continued welcome everyone to the Cedar Tree Cafe on Fridays. Our regu13r customers loved the chance to chat, share worries or celebrations and enjoy the relaxed atmosphere in the church. Pastoral Care We keep in touch with members of the church who no longer find it easy to attend in person or who worship online. During the year we hosted several special afternoon services followed by pastoral tea parties, giving people the chance to meet up with old friends and enjoy a chat over cream tea and homemade cakes. Events and Concerts We hosted a diverse range of events and concerts during 2023. The church has been busier than ever with events including.. 11 Topping book talks,. 2 folk gigs,. Party in the City as part of Bath Festival. various choir and orchestra concerts. a recital series with organ and chamber music. Amongst other things, the Lower Mews was used as a film location base for a film crew who were filming a TV series in and around the Queensberry Hotel. Along with the Bath Museum at Work we organised another Julian Road community event, which was a great success and raised funds for BEMSCA. We view the hire of the church and Mews for external events as an important part of our outreach in the local community. We estimate that we welcome somewhere in the region of a thousand people into our building in thi5 way every year, many of whom do not 'go to church, and some of whom are entering the sacred space of a church for the first time. Page 4
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Trustee5 Annual Report Property Maintenance The Quinquennial inspection, commissioned every five years from the church's Architect, was undertaken in 2023. The church was found to be 'in good condition, notwithstanding some important repair work identified principally to the roof, external masonry and gallery windows. Much of the urgent work on the roof and m350nry commenced during 2023, with the remainder completed after the reporting period in the first half of 2024. This is an example of unglamorous but Important work to keep the building safe and sound. We have had tenancy changes in all three of our rental properties during the year. A replacement flat roof has been put onto part of the Mews and the main roof has been patch-repaired following a series of worrying water leaks. This may well need to be replaced within a couple of years and quotations have been sought to give us an idea of the likely costs. Significant repairs were made to the kitchen floor in Cottage I, which also necessltated fitting new kitchen units. Some other interior redecoration was also undertaken at the same time while the cottage was vacant. FINANCIAL REVIEW Financial Position At 31st December 2023 the charity had net assets of £2,109,22912022'. £2,039,725) and net current assets of £174,80912022'. £101,604). This is all held in unrestricted general fund5. The charity has sufficient funds to meet its liabilities as they fall due. Review of Income and Expenditure Income for the year ended 31st December 2023 was £238,451 and expenditure was £172,035, resulting in a surplus of £66,416 before net gains11055es on investments. This compares to income of £131,838 and expenditure of £116,730 in 2022, with a resultant surplus of £15,108. again before net gains / losses on investments. Income from donations and legacies increased Significantly to £144,73512022: £71,784). Within this total the main increases were in legacy income, thanks to a generous legacy from the estate of a church member, and donations, which included the results of the successful Time and Talents fundraising activities as well as some other major donations. There wa5 a modest increase of 2Yo in planned giving to £54.48612022: £53,197). Events and venue hire continued to generate a useful income stream, as well as bring new people into the building. This income stood at £14.41612022- £5,909), which included ticket sales from the successful Saltlines and Leveret gigs, as well as continued hires of the church by Toppings and other local group5. Direct expenditure on charitable activitie5 increased by 24% to £67,926 {2022.. £54,644). There were several contributing factors, including a voluntary increase in Diocesan contributions of £1,500, the appointment of an organ scholar, and inflationary salary increases. Support and governance costs, which within the accounts are apportioned between charitable activities and raising funds, decreased slightly to £41,90312022: £46,228}. There were increases in some areas, such as utility costs, but these were offset by decreases in other areas such as repairs and maintenance. The investment propertie5 generated rental income of £68,586, an increase of 41% on the previous year 12022- £48,636). This is due to a combination of greater occupancy levels in 2023 and increases in rental charges in line with market rates. Page 5
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Trustees Annual Report The associated cost of managing the investment properties wa5 £48,28912022: £5,692), leading to a net income of £20,29712022'. £42,994). The decrease in net income for 2023 relates to one-off legal and professional costs incurred on setting up the lease for the new Upper Mews tenant and substantial repairs being requi red to the roof and kitchen f loor of Cottage l. Reserves Policy The charity does not currently have a specific reserves policy, although target levels of cash and cash equivalents 3re considered as part of the investment policy. Trustee5 recognise the need to hold reserves to meet future major capital expenditure to maintain the fabric of the church building. The investment policy sets a minimum cash holding in the current accounts of £25,000 to provide working capital for day-to-day operations. On top of this working capital, it then sets a target of £130,000 in cash and cash equivalent5 (money market funds. pooled equity or bond funds) as a reserve to fund major repairs and maintenance, giving a total minimum of £155,000. As at the reporting date, the cash at bank was £174,824 and listed investments were valued at £37,371, making a total balance of £212,19512022: £103,479 cash. £34,282 listed inve5tments- £137,761 totall. The balance exceeds the target of £155,000. The increase from the prior year was largely due to the generou5 legacy received. The investment policy is currently under review by trustees and consideration will be given to defining separate reserves and investment policies during 2024, to bring more clarity to the target levels of reserves and their purpose. Investment Review The charity holds investment property and listed investments. The investment property consists of the two Christ Church Cottages, the Upper Mew5 and the church car park. The investment properties are held to earn rental income and for capital growth. There is an investment policy covering holdings of tash and listed investments. Of the investable resources, a maximum of 75% should be held in pooled funds and minimum of 25% in cash, money market or equivalent instruments. All investments should be guided by the principles of the Church of England Ethical Investment Advisory Group. At the reporting date the listed investments value was £37,37112022: £34,282). Listed investments are held in pooled funds offered by CCLA. During the year the investments increased in value by £3,08912022.. £4,410 decrease). This all relates to unrealised gains / Ilossesl due to change5 in the market value,. there were no additions to or withdrawals from investments during the year. Income earned from dividends and interest wa5 £3,89212022: £1,781). PLANS FOR FUTURE PERIODS The position of Priest-in-charge has become vacant since the end of the reporting period following the resignation of the Revd Lore Chumbley, effective from February 2024. The immediate plan is to recruit a new Priest-in-charge with the proces5 taking place during 2024. Page 6
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Trustees Annual Report A questionnaire circulated to the congregation in early 2024 as part of the process around recruiting the new Priest-in-charge asked 'What would you like to see developed?, A number of people responded to this by saying we should keep doing what we do, as we are a distinctive Christian presence in Bath. Other themes that featured related to numeric growth of the congregation, with many people mentioning attracting more children, young people and student5 in particular. More outreach to our immediate neighbours on Julian Road and to other marginalisgd communities Ibuilding on what has already been done) were both seen as important. Less frequently mentioned, but still a clear theme was the need to maintain our existing community, and the need to be realistic about the number of activities that can be 5UStained. Several people mentioned that a lot of the church activity rests Wlth quite a 5m311 number of busy people. and they too need nurturing. These responses are not specific plans and are likely to need further thought, refinement and development once we have a new Priest-in-charge in place. Other important plans include tackling the next set of less urgent building m3intenance items set out in the Quinquennial I nspection report, referred to above; reviewing our policies especially those relating to risk management and managing our finances appropriately to ensure value for money and maintaining our income at a time of economic difficulty for many. STRucfuRE, GOVERNANCE AND MANAGEMENT Funds Held in Connection with Christ Church in Bath is a charitable Trust, governed by a Trust Deed dated 6 May 1801. The operation of the Deed is regulated by Standing Orders adopted by the trustees on 23 June 2020, drawn up in the light of Charity Commission guidelines. Appointment to the position of trustee at Christ Church is for a six-year term in accordance with the Policy for the Appointment of a New Trustee, with option to renew Subject to the agreement of the other trustees. Trustees are responsible for appoi nting new trustees in event of vacancies. The Standing Order5 also require that the trustees shall invite the Priest-in-charge and churchwardens of Christ Church to attend meetings of the trustees. They may participate fully in the trustees, meetings but without the power to vote. There are ten trustees including two ex officio members: the Rector of Walcot {in whose parish Christ Church sits geographically) and the Archdeacon of Bath. Policies The trustees have adopted the following policies.. For the Appointment of New Trustees Conflict of Interest Processing Personal Data Safeguarding Policy Safeguarding Procedures Protection of Electronic and Written Data Risk Policy and Register Health & Safety Investment Policy Standing Orders. Page 7
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Trustees Annual Report Trustees delegate responsibility for managing some aspects of the charivs operations to other groups and staff. Christ Church Council is a group elected by and from the congregation. It meets around 8 times a year to manage the regular activities of the church community and to discuss wider tOPlCs about the future direction and vision for the church. It is normally chaired by the Priest-in-charge, who together with two churchwardens, two Deanery Synod representatives and the curate lif one is in postl are ex officio members. Nine other members are elected by the Annual Church Meeting IACMI. As far as is compatible with Christ Church's position as a proprietary chapel, the proceedings of Council and the ACM are guided by the Church Representation Rules. All those who attend church services and meet the qualifying criteria are encouraged to register on the Electoral Roll and thereby become eligible to attend and vote at the ACM and be eligible to be elected to Council. The Priest-in-charge is employed by the trustees and holds a key management position, with re5ponsibilitv for worship, the spiritual life of the church, and pastoral matters. They are supported by the Ministry Group. which consists of licenced clergy, clergy in the Christ Church congregation who have PTO, any licenced Readers, the churchwardens, and a representative of Junior Church. Statement of trustees. responsibilities in relation to the financial statement5 The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generallv Accepted Accounting Practice). The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities IAccountS and Reports) Regulations, and the provisions of the Trust deed. The Trustees are a150 responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the charity's trustees Z. Bushell Trustee 25 July 2024 Page 8
FUNDS HELD IN CONNEcfioN WITH CHRIST CHURCH IN BATH Independent Examiners Report Independent Examiner's Report to the trustees of FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH I report to the trustees on my examination of the financial statements of FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH for the year ended 31 December 2023. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charitV'5 financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commi55ion under section 145{51(b} of the Act. Independent examiner's statement I have completed my examination. I can confirm that no materi31 matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. the accounting records were not kept in respect of the charity as required by section 130 of the Act,. or the financial statements do not accord with those records; or the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities {Accounts and Reports) Regulations 2008 other thar¢ any requirement that the financial statements give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Marco Andrew Martin FCCA The Waldron Partnership Ltd 30 Circus Mews Bath BAI 2PW 25 July 2024 Page 9
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Statement of Financial Activities for the year ended 31 December 2023 Unrestricted funds Total fund5 Total funds 2023 2023 2022 Notes Income and endowments from: Donations and legacies Charitable activities Other trading 3Ctivities Investments 144,735 6,822 14,416 72,478 144.735 6,822 14,416 72,478 71,784 3,728 5,909 50,417 Total 238,451 238,451 131,838 Expenditure on: Raising funds Charitable activities Other 59,062 106,183 6,790 59,062 106,183 6,790 12,203 97,498 7,029 Total 172,035 172,035 116,730 Net gainslllosses) on investments 3,088 3,088 14,4101 Net Income io 69,504 69,504 10,698 Transfers between funds Net income before other gain51(losses) 69,504 69,504 10,698 Other gain5 and losses Net movement in funds 69,504 69,504 10,698 Reconciliation of funds: Total funds brought forward 2,039,725 2,039,725 2,029,027 Total funds carried forward 2,109.229 2,109,229 2.039,725 Page 10
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Balance Sheet at 31 December 2023 Charity No. 1055275 2023 2022 Fixed assets Tangible a55ets Investments 13 97,049 14 1,837,371 1,934,420 103,839 1,834,282 1,938,121 Current a55ets Debtors Cash at bank and in hand 15 3,790 174,824 178,614 13.805) 174,809 5,037 103,479 108,516 (6,912) 101,604 Creditors: Amount falling due within one year 16 Net current assets Total asset5 less current liabilities 2,109,229 2,039,725 Net assets excluding pension a55et or liability 2,109,229 2.039,725 Total net asset5 2,109,229 2,039.725 The funds of the charity Restricted funds Unrestricted funds General funds 17 17 2,109,229 2,039,725 2,109,229 2,039,725 Reserves 17 Total funds 2,109,229 2,039,725 Approved by the trustees on 25 July 2024 And signed on their behalf by: Z. Bushell Trustee 25 July 2024 Page 11
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts for the year ended 31 December 2023 l Accounting policie5 Basis of preparation The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Change in basi5 of accounting or to previous accounts There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund accounting Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustee5 for particular purpose5. These are unrestricted funds which include a revaluation reserve representing the restatement of investment a55ets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation fu nds Restricted funds Income Recognition of income Income is included in the Statement of Financial Attivities ISOFAI when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gr055 in the SOFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same time as the donations and gifts giftldonation to which it relates. Donated services These are only included in income Iwith an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains1(105se5} on This includes any gain or105s resulting from revaluing investments to market value revaluation of fixed at the end of the year. a55ets Gains/llosses) on investment assets This includes any gain or loss on the sale of investments. Page 12
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an accrua15 basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the cost5 incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. These are support costs not allocated to a particular activity. Grants payable Support and Governance costs Other expenditure Taxatton The charity is exempt from tax on its charitable activities. Tangible fixed assets and depreciation Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life- Fixed assets Fixed assets - pipe organ 25% straight line 4Yo Straight line Freehold investment property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. Trade and other debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equlvalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with bank5 and other 5hort-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Page 13
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts Trade and other creditors Short term creditors are measured at the trarisaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or esti mated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Receipt of donated goods, facilities and services All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. 2 Statement of Financial Artivities - prior year as restated Unrestricted funds Total funds 2022 Z022 Income and endowments from: Donations a nd legacies Charitable activities Other trading activities Investments 71,784 3,728 5.909 50,417 71,784 3,728 5,909 50,417 Total 131,838 131,838 Expenditure on: Raising fund5 Charitable activities 12,203 97,498 7,029 12,203 97,498 7,029 Other Total 116,730 116,730 Net Sosses on investments {4,410} 10,698 14,4101 10,698 Net income Net income before other gainsl(1055es) Other gains and105ses: Net movement in funds 10,698 10,698 10.698 10,698 Reconciliation of funds: Total funds brought forward Total funds carried fonvard 2,029,027 2,029,027 2,039,725 2,039,725 Page 14
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts 3 Income from donations and legacies Unrestricted Total Total 2023 2022 Legacies Planned Giving Donation5 76,218 54,486 14,031 76,218 54,486 14,031 6,002 53,197 4,006 8,579 Grants 144,735 144,735 71,784 4 Income from charitable activities Unrestricted Total Total 2023 2022 Sales 1,735 4,997 90 1,735 4,997 90 1,200 2,528 Service fees Other 6,822 6,822 3,728 5 Income from other trading activities Unrestricted Total Total 2023 2022 Venue hire 4,689 9,727 14.416 4,689 9,727 14.416 5,530 379 Events 5,909 6 Income from investments Unrestricted Total Total 2023 2022 Rental 68,586 3,892 72,478 68,586 3,892 72,478 48,636 1,781 50,417 Dividends and interest Page 15
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts 7 Expenditure on raising funds Unrestricted Total Total 2023 2022 Fundroising trading c05t5 Events 7,127 7,127 3,137 Investment management C05t5 Rental properties Support and Governance costs 48,289 48,289 5,692 Utilities 703 703 549 Repairs and maintenance Administration Professional fees 1,375 1,450 118 1,375 1,450 118 1,568 834 423 59,062 59,062 12,203 8 Expenditure on charltable activities Unre5trlcted Total Total 2023 2022 Expenditure on charitt7ble octivities Wages and staff costs Church groups and activities Diocesan contribution Support ond Governonce Costs 40,018 11,393 16,515 40,018 11,393 16,515 33,066 6.578 15,000 Utilities 7,374 14,426 15,219 1,238 106,183 7,374 14,426 15,219 1,238 106,183 6,977 19,912 10,587 5,378 97,498 Repairs and maintenance Administration Professional fees 9 Other expenditure Unrestrirted Total Total 2023 2022 Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets 6,790 6,790 7,029 6,790 6,790 7,029 Page 16
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts 10 Net income before transfers 2023 2022 This is stated after charging: Depreciation of owned fixed assets Independent Examiner's fee 6,790 1.356 7,029 1,860 11 Trustee remuneration and expense5 No trustees have been paid remuneration in the current or prior periods. One or more of the trustees has been paid expenses in the current or prior periods. 2023 2022 Number Number Number of trustees paid expenses The nature of the reimbursed expenses Stationery and consumables Total expenses reimbursed to trustees 32 12 Staff costs 2023 2022 Salaries and wages 34.826 34,826 30,106 30,106 No employee received emoluments in excess of £60,000. The average monthly number of full time equivalent employees during the year was as follows: 2023 Number 2022 Number Page 17
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts 13 Tangible fixed assets Fixed assets Total Cost or revaluation At l January 2023 At 31 December 2023 Depreciation and impairment At l January 2023 Depreciation charge for the year At 31 December 2023 199,004 199,004 199,004 199,004 95,165 95,165 6,790 6,790 101,955 101,955 Net book values At 31 December 2023 At 310ecember 2022 97,049 103,839 97,049 103,839 14 Investments Freehold Other Investment nvestments Property Listed Total Cost or revaluation At ljanuary 2023 At 31 December 2023 Provision5 and Impairrnent At ljanuary 2023 Provided du ring the year At 31 December 2023 Net book values 1,800,000 1,800,000 31,974 31,974 1,831,974 1,831,974 {2,3081 13,0891 15,3971 12,3081 13,0891 15,3971 At 31 December 2023 1,800,000 1,800,000 37,371 34,282 1,837,371 1,834,282 At 31 December 2022 The freehold investment property consist5 of accommodation and a car park. The property was revalued as at 31 December 2020 by the Trustees on an open market value for existing use basis. The Trustees are of the opinion that the market value has not changed as at 31 December 2023. 15 Debtors 2023 2022 Other debtors 3,790 3,790 5,037 5,037 Page 18
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts 16 Creditors: amounts falling due within one year 2023 2022 Trade creditors Other taxes and social security Accruals (4081 1.441 2.772 3.805 6,912 6,912 17 Movement in funds Incoming resources At31 December (including At l January other 2023 Eainsllosses) Resources expended 2023 Restricted funds: Unrestricted funds: General funds 2,039,725 241,539 {172,0351 2.109,229 Total lunds 18 Analysis of net assets between fund5 2,039,725 241,539 1172,0351 2,109,229 Unrestricted funds Total Fixed assets Investments 97,049 1,837,371 174.809 2,109,229 97,049 1,837,371 174,809 2,109,229 Net current assets 19 Reconciliation ot net debt At31 December 2023 At l January 2023 Cash flows Cash and cash equivalents 103,479 103,479 71,345 71,345 174,824 174,824 Net debt 103,479 71,345 174,824 20 Related party disclosures Nome of related party Description of relotionship between the partie5 A Bishop father /son repairs on investment properties £100 Description of transortion and general amounts involved Page 19
FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Statement of Cash flow5 for the year ended 31 December 2023 2023 2022 Cash flows from operating activities Net income per Statement of Financial Activities 69,504 10,698 Adjustments for: Depreciation of propÈrty. plant and equipment Dividends, interest and rents from investments Decrease/llncreasel in trade and other receivables Decrease in trade and other payables 6,790 172,4781 1,247 13,1071 7,029 146,719) 12.6331 {1,3061 Net cash provided byl(used in) operating activities 1,956 132,9311 Cash flows from investing activities Dividends, interest and rents from investments 72,478 46,719 Net cash from investing activities 72,478 46,719 Net cash from finan¢lng activities Net increase in cash and cash equlvalents 74,434 13,788 Cash and cash equlvalents at the beginnlng of the year 103,479 85,281 Cash and cash equivalents at the end of the year 177,913 99,069 Components of cash and cash equivalents Cash and bank balances 174,824 103,479 174,824 103,479 Page 20